HIMS

In February the Trump administration launched the TrumpRx.gov platform (similar to GoodRx) and struck most-favoured-nation (MFN) pricing agreements with Eli Lilly and Novo Nordisk. Latest prices: Zepbound at $346 a month (previously more than $1,080), Wegovy injections at $199-350 a month (previously more than $1,000), and oral GLP-1s from $150 a month. By comparison, branded Wegovy on the HIMS platform costs $299-599 a month. TrumpRx does not sell drugs itself. It only directs patients to the drugmakers' direct-sales channels, but that lowers the cost of searching for a cheaper route. HIMS's Q1 gross margin has already fallen from 73% to 65% (the price of the shift to branded drugs), and TrumpRx and MFN pricing further limit how much HIMS can mark up branded drugs. HIMS's GLP-1 proposition has to move from being cheap to comprehensive health management (consultations, monitoring and cross-selling). Margins on pure distribution will tend towards zero.

KFF Health News and the Guardian reported on 19 May that Trump bought up to $680,000 of Eli Lilly stock in his own name in early 2026. In the same period his administration launched TrumpRx and widened Medicare coverage of GLP-1s, including Lilly's Zepbound and Foundayo. The indirect effect on HIMS: if the political backlash leads to TrumpRx and MFN policy being questioned or adjusted, direct-sales channels for branded drugs could be held up, which would instead favour third-party platforms such as HIMS. But if the policy moves faster, the drugmakers' direct-sales channels (NovoCare, LillyDirect and TrumpRx) will keep eroding HIMS's role as a distribution intermediary.

Once the proceeds arrive, HIMS's cash reserves will rise to about $1.25 billion (cash plus investments plus net new financing), which clears the path for the Eucalyptus acquisition ($1.15 billion). The deal is expected to complete in mid-2026 and opens up the Australian, UK, German, Japanese and Canadian markets.